CoreWeave, Inc.
CRWVpublicneocloudGPU cloud (neocloud)
What this company owes, to whom, at what cost and when it comes due. Every figure is the one the company itself states. cohort: neocloud · verified 2026-09-28 How these figures are built →
how it is counted
what the filer owes that is not on its balance sheet at this date: leases not yet commenced plus unrecorded purchase obligations, counted once. A filer that reports the same figure under both (Meta, Alphabet, Equinix, Arm, Applied Digital, Astera Labs) has stated one fact twice, and offBalanceNote says so
- Notes priced since 2024 · 6 →each tranche in the ledger as the company itself states it
how it is counted
principal in USD billions — native for USD, spot rate on the pricing date otherwise (fx recorded)
- $10.0B
- Loans and credit facilities · 6 →as signed; the figure counts new facilities, the count amendments too
how it is counted
the commitment as the company states it — a ceiling for revolvers and delayed-draw facilities, not an amount drawn; new facilities only: an amendment restates a commitment already counted.
- $16.8B
- Debt due in 12 months →its own schedule, as of 2026-06-30
how it is counted
the company's own maturity schedule for all its long-term debt, as its latest report states it: principal due in the next twelve months, years two to five and after; USD billions
- $6.2B
- Long-term debt on the balance sheet →on its balance sheet at 2026-06-30
how it is counted
long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line
- $35.1B
- Cost of debt · 2026 Q2 →interest cover -0.09× · capex over operating cash flow 9.46×
how it is counted
4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it
- 8.44%
When it comes due
Its own schedule, as of 2026-06-30
Notes and facilities since 2024, by maturity year
What has it committed to?
Obligations as the company states them — leases and purchase obligations as it reports them, long-term debt read off its balance sheet — each at the date it last stated it. The off-balance-sheet total is what it owes that its balance sheet does not carry.
Obligations as stated
| Off the balance sheet | $35.5B | 2026-06-30 | Leases signed, not yet commenced at 2026-06-30 |
| Leases signed, not yet commenced | $35.5B | 2026-06-30 | read from the company's own words leases signed but not yet commenced — read from the company's own text by a deterministic rule, the sentence quoted (status amount | immaterial | table_row | no_unit; `unitNote` when the sentence gave no unit and the unit the report states for its figures was applied) |
| Long-term debt on the balance sheet | $35.1B | 2026-06-30 | long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line |
| Lease liabilities on the balance sheet | $16.5B | 2026-06-30 | operating plus finance, discounted operating + finance lease liabilities |
| Lease payments due | $29.4B | 2026-06-30 | operating plus finance, undiscounted operating + finance undiscounted payments due |
Obligations created, as announced
| 2026-09-22 | material definitive agreement | $4.2B | senior notes | CoreWeave, Inc., U.S. Bank Trust Company, Barclays Bank, Barclays Capital Inc., Investment Bank, Citibank, N.A. |
| 2026-08-10 | material definitive agreement | $2.6B | financing | CoreWeave Financing DDTL V-V, LLC, CoreWeave, Inc., JPMorgan Chase Bank, N.A., U.S. Bank Trust Company, U.S. Bank, MUFG Bank, Ltd. |
| 2026-08-10 | direct financial obligation | $2.6B | financing | CoreWeave Financing DDTL V-V, LLC, CoreWeave, Inc., JPMorgan Chase Bank, N.A., U.S. Bank Trust Company, U.S. Bank, MUFG Bank, Ltd. |
| 2026-06-18 | material definitive agreement | $1.3B | senior notes | CoreWeave, Inc., U.S. Bank Trust Company, U.S. Bank |
| 2026-06-18 | direct financial obligation | $1.3B | senior notes | CoreWeave, Inc., U.S. Bank Trust Company, U.S. Bank |
| 2026-05-18 | material definitive agreement | $3.1B | financing | CoreWeave, Inc., Morgan Stanley Senior Funding, Inc., U.S. Bank Trust Company, U.S. Bank, MUFG Bank, Ltd., Holdco, LLC |
| 2026-05-18 | direct financial obligation | $3.1B | financing | CoreWeave, Inc., Morgan Stanley Senior Funding, Inc., U.S. Bank Trust Company, U.S. Bank, MUFG Bank, Ltd., Holdco, LLC |
| 2026-04-21 | material definitive agreement | $2.8B | senior notes | CoreWeave, Inc., U.S. Bank Trust Company |
| 2026-04-21 | direct financial obligation | $2.8B | senior notes | CoreWeave, Inc., U.S. Bank Trust Company |
| 2026-04-14 | material definitive agreement | $4.0B | senior notes | CoreWeave, Inc., U.S. Bank Trust Company, Barclays Bank, Barclays Capital Inc., Citibank, N.A., J.P. Morgan Securities LLC |
| 2026-04-14 | direct financial obligation | $4.0B | senior notes | CoreWeave, Inc., U.S. Bank Trust Company, Barclays Bank, Barclays Capital Inc., Citibank, N.A., J.P. Morgan Securities LLC |
| 2026-03-31 | material definitive agreement | $8.5B | credit agreement | CoreWeave Compute Acquisition Co. VIII, LLC, CoreWeave, Inc., MUFG Bank, Ltd., U.S. Bank Trust Company, U.S. Bank, Morgan Stanley Asset Funding, Inc. |
| 2026-03-31 | direct financial obligation | $8.5B | credit agreement | CoreWeave Compute Acquisition Co. VIII, LLC, CoreWeave, Inc., MUFG Bank, Ltd., U.S. Bank Trust Company, U.S. Bank, Morgan Stanley Asset Funding, Inc. |
| 2026-01-02 | material definitive agreement | $100M | credit agreement | CoreWeave Compute Acquisition Co. VII, LLC, CoreWeave, Inc., Delaware Corporation, CCAC VII Holdco LLC, CoreWeave Compute Acquisition Co., MUFG Bank, Ltd. |
| 2025-12-11 | material definitive agreement | $2.6B | senior notes | CoreWeave, Inc., U.S. Bank Trust Company, Wells Fargo Bank, Citibank, N.A., Barclays Bank, Barclays Capital Inc. |
| 2025-10-02 | material definitive agreement | $3.0B | credit agreement | CoreWeave Compute Acquisition Co., IV, LLC, CoreWeave, Inc., Delaware Corporation, U.S. Bank Trust Company, U.S. Bank |
| 2025-10-02 | direct financial obligation | $3.0B | credit agreement | CoreWeave Compute Acquisition Co., IV, LLC, CoreWeave, Inc., Delaware Corporation, U.S. Bank Trust Company, U.S. Bank |
| 2025-09-30 | material definitive agreement | $14.2B | — | CoreWeave, Inc., Meta Platforms, Inc. |
| 2025-09-25 | material definitive agreement | $6.5B | — | CoreWeave, Inc., OpenAI OpCo, LLC |
| 2025-09-15 | material definitive agreement | $6.3B | — | CoreWeave, Inc., NVIDIA Corporation |
| 2025-07-31 | material definitive agreement | $2.6B | credit agreement | CoreWeave Compute Acquisition Co., CoreWeave, Inc., Delaware Corporation, CoreWeave Compute Acquisition Co. VII, LLC, MUFG Bank, Ltd., U.S. Bank Trust Company |
| 2025-07-31 | direct financial obligation | $2.6B | credit agreement | CoreWeave Compute Acquisition Co., CoreWeave, Inc., Delaware Corporation, CoreWeave Compute Acquisition Co. VII, LLC, MUFG Bank, Ltd., U.S. Bank Trust Company |
| 2025-07-28 | material definitive agreement | $1.8B | senior notes | CoreWeave, Inc. |
| 2025-07-28 | direct financial obligation | $1.8B | senior notes | CoreWeave, Inc. |
| 2025-05-28 | material definitive agreement | $2.0B | senior notes | CoreWeave, Inc., CoreWeave Cash Management LLC |
| 2025-05-28 | direct financial obligation | $2.0B | senior notes | CoreWeave, Inc., CoreWeave Cash Management LLC |
| 2025-05-06 | material definitive agreement | $1.5B | revolving credit | CoreWeave, Inc., CoreWeave Cash Management LLC, JPMorgan Chase Bank, N.A. |
| 2025-05-06 | direct financial obligation | $1.5B | revolving credit | CoreWeave, Inc., CoreWeave Cash Management LLC, JPMorgan Chase Bank, N.A. |
What has it borrowed, and at what cost?
Each note tranche in the ledger priced since 2024, as the company itself states it, and each credit facility as signed. Nothing is netted, nothing is estimated.
Notes priced since 2024
| 2026-06-18 | $1.25B | 9.625% | 2032 | fixed | — |
| 2026-06-18 | $2.29B EUR 2.00B | 8.5% | 2032 | fixed | — |
| 2026-04-21 | $1.00B | 9.75% | 2031 | fixed | — |
| 2026-04-14 | $1.75B | 9.75% | 2031 | fixed | — |
| 2025-07-28 | $1.75B | 9% | 2031 | fixed | — |
| 2025-05-28 | $2.00B | 9.25% | 2030 | fixed | — |
Loans and credit facilities as signed
| 2026-08-10 | delayed draw term loan “Bank National Association, as depositary bank, JPMorgan Chase Bank, N.A. and MUFG Bank, Ltd. as joint lead arrangers, joint bookrunners and syndication agents, and the lenders party thereto, providing for a $2.6 billion delayed draw term loan facility (the “DDTL 5.5 Facility”).” | $2.60B | — | SOFR + 5.50% | — | JPMorgan Chase Bank, N.A. |
| 2026-05-18 | delayed draw term loan “Bank National Association, as depository bank, MUFG Bank, Ltd. and Morgan Stanley Senior Funding, Inc. as coordinating lead arrangers and joint bookrunners, and the lenders party thereto, providing for a $3.1 billion delayed draw term loan facility (the “DDTL 5.0 Facility”).” | $3.10B | — | SOFR + 4.50% | — | Morgan Stanley Senior Funding, Inc. |
| 2026-03-31 | delayed draw term loan “Bank National Association, as depository bank, MUFG Bank, Ltd. and Morgan Stanley Asset Funding, Inc., as coordinating lead arrangers and joint bookrunners, and the lenders party thereto, providing for an $8.5 billion delayed draw term loan facility (the “DDTL 4.0 Facility”).” | $8.50B | — | SOFR + 2.25% | — | MUFG Bank, Ltd. |
| 2025-07-31 | delayed draw term loan “Bank National Association, as depository bank, Morgan Stanley Asset Funding, Inc. and MUFG Bank, Ltd. as joint lead arrangers and joint bookrunners, Goldman Sachs Bank USA, as joint lead arranger, and the lenders party thereto, providing for a $2.6 billion delayed draw term loan facility (the “DDTL 3.0 Facility”).” | $2.60B | — | — | — | MUFG Bank, Ltd. |
| 2025-05-06 | revolving credit facility · amended “The Third Amendment (i) increases the aggregate amount available under the Company’s revolving credit facility from $650.0 million to $1.5 billion, (ii) increases the amount available under the Company’s letters of credit facility from $175.0 million to $350.0 million, and (iii) extends the maturity of the revolving credit facility to May 2, 2028 (subject to a springing maturity date of December 3” | $1.50B | — | — | 2026-12-30 | JPMorgan Chase Bank, N.A. |
| 2025-05-06 | credit facility · amended “The Third Amendment (i) increases the aggregate amount available under the Company’s revolving credit facility from $650.0 million to $1.5 billion, (ii) increases the amount available under the Company’s letters of credit facility from $175.0 million to $350.0 million, and (iii) extends the maturity of the revolving credit facility to May 2, 2028 (subject to a springing maturity date of December 3” | $350M | — | — | 2026-12-30 | JPMorgan Chase Bank, N.A. |
Private credit — loans only their lenders publish
| 2026-08-05 | Coreweave Compute Acquisition Co. IV, LLC “Coreweave Compute Acquisition Co. IV, LLC Industry Technology Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 6.00% (9.68%) Initial Acquisition Date 5/29/2024 Maturity 5/16/2030” | Great Elm Capital Corp. | 1st Lien, Secured Loan | 3M SOFR + 6.00% (9.68%) | 2030-05-16 |
| 2026-08-05 | Coreweave Compute Acquisition Co. II, LLC “BM 2025-12-31 0001675033 Coreweave Compute Acquisition Co. II, LLC Industry Technology Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 9.62% (13.29%) Initial Acquisition Date 8/21/2023” | Great Elm Capital Corp. | 1st Lien, Secured Loan | 3M SOFR + 9.62% (13.29%) | — |
| 2026-08-05 | CoreWeave Financing DDTL V, LLC “InvestmentAffiliatedIssuerControlledMember 2025-12-31 0001675033 CoreWeave Financing DDTL V, LLC Industry Technology Security 1st Lien, Delayed Draw Term Loan Interest Rate 1M SOFR + 4.50% (8.12%) Initial Acquisition Date 5/6/2026” | Great Elm Capital Corp. | 1st Lien, Delayed Draw Term Loan | 1M SOFR + 4.50% (8.12%) | — |
| 2026-08-05 | CoreWeave Inc. “BusinessServicesMember 2025-12-31 0001675033 CoreWeave Inc. Industry Technology Security Unsecured Bond Interest Rate 9.63% Initial Acquisition Date 6/11/2026 Maturity 7/15/2032” | Great Elm Capital Corp. | Unsecured Bond | 9.63% | 2032-07-15 |
| 2026-08-05 | Coreweave Compute Acquisition Co. II, LLC “FinancialServicesSectorMember 2025-12-31 0001675033 Coreweave Compute Acquisition Co. II, LLC Industry Technology Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 9.62% (13.41%) Initial Acquisition Date 08/21/2023 Maturity 07/31/2028” | Great Elm Capital Corp. | 1st Lien, Secured Loan | 3M SOFR + 9.62% (13.41%) | 2028-07-31 |
Cost of debt, from its own statements
Latest quarter, 2026 Q2: cost of debt 8.44%, interest cover -0.09×, capex over operating cash flow 9.46×.
Cost of debt: 4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it Interest cover: operating income ÷ interest expense. Capex over operating cash flow: cash purchases of PP&E ÷ operating cash flow; null when operating cash flow is not positive.
What equity has it sold?
Raises as announced, and shares actually sold under an at-the-market programme when the company states the period.
Equity and hybrid raises
| 2026-09-22 | convertible “(“CoreWeave”) completed its previously announced upsized private offering of $4.2 billion aggregate principal amount of its 2.875% Convertible Senior Notes due 2033 (the “Notes”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), including $500 million aggregate principal amount of Notes pur” | $4.20B | 2.875% | 2033 |
| 2026-09-17 | atm “We may offer and, if applicable, sell up to 35,000,000 shares of our Class A common stock, $0.000005 par value per share, under an Equity Distribution Agreement, dated September 17, 2026 (the “Equity Distribution Agreement”), whether by the issuance and sale by us of shares of our Class A common stock through the Sales Agents (as defined below) or through the offer and sale of borrowed shares of o” | 35.0M shares | — | — |
| 2026-04-14 | convertible “On April 14, 2026, CoreWeave completed its previously announced private offering of $4,000,000,000 aggregate principal amount of its 1.75% Convertible Senior Notes due 2032 (the “Convertible Notes”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act, including the exercise in full of the initial purchasers’ option to purchase up to an” | $4.00B | 1.75% | 2032 |
| 2025-12-11 | convertible “(“CoreWeave”) completed its previously announced private offering of $2,587,500,000 aggregate principal amount of its 1.75% Convertible Senior Notes due 2031 (the “Notes”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) including the exercise in full of the initial purchasers’ option to pu” | $2.59B | 1.75% | 2031 |
When does it come due, and who holds it?
The company's own five-year schedule, what we have placed by year from the notes and facilities since 2024, and the price the funds that hold its paper report.
Its own maturity schedule
| 2026-06-30 | $6.18B | $4.42B | $2.42B | $3.22B | — | — | $16.2B |
What we have placed by maturity year, since 2024
| 2030 | $2.00B | — | 1 | 0 |
| 2031 | $4.50B | — | 3 | 0 |
| 2032 | $3.54B | — | 2 | 0 |
Not on this ladder: facilities with no maturity date
| 2026-08-10 | delayed draw term loan | $2.60B | — |
| 2026-05-18 | delayed draw term loan | $3.10B | — |
| 2026-03-31 | delayed draw term loan | $8.50B | — |
| 2025-07-31 | delayed draw term loan | $2.60B | — |
No fund-reported price for its paper. Fund holdings are matched only on identifiers the ledger already holds, so a tranche with no CUSIP in the ledger cannot be matched.
How does it compare?
The same twelve measures every company on the AI trade page carries, beside the median across them. Below each measure, the arithmetic behind it.
Twelve measures, beside the median
| Self-funding operating cash flow $6.9B ÷ capex $20.6B over 4 quarters to 2026Q2 | 0.34× | 1.31× across 40 companies | 2026Q2 |
| Funding mix of $20.6B of capex over 4 quarters to 2026Q2: operations 33.6%, new debt 99.6% ($6.3B notes + $14.2B facilities), equity 52.5% | 33.6% | — | 2026Q2 |
| Off balance sheet $35.5B off the balance sheet ÷ (that + $35.1B long-term debt); each figure as the filer last stated it (leasesNotYetCommenced 2026-06-30, longTermDebt 2026-06-30) | 50.3% | 41.9% across 23 companies | 2026-06-30 |
| Committed facilities $16.8B committed across 4 new facilities, 0.48× the $35.1B of long-term debt on the balance sheet | $16.8B | — | 2026-06-30 |
| Marginal cost of debt principal-weighted coupon of $6.3B priced in the last twelve months; the book carries 7.39%, a gap of +1.88 points | 9.27% | — | — |
| New-issue spread median of 3 USD tranches: coupon less the 10-year Treasury on each pricing date (range 516–549 bp); 1 non-USD tranche(s) excluded | 545 bp | — | — |
| Floating-rate share $14.2B floating ($0.0B notes + $14.2B facilities off SOFR) ÷ $26.8B raised | 52.9% | 0% across 40 companies | — |
| Rate shock (+100 bp) $14.2B of floating debt × 100 bp = $0.14B more interest a year; interest cover would be -0.08× on the latest quarter annualised | $142M | — | — |
| Secured share of new facilities $0.0B secured ÷ $16.8B committed; $16.8B does not say | 0% | 0% across 24 companies | — |
| Refinancing burden $10.6B due within two years (the filer's own schedule as of 2026-06-30) ÷ $6.9B of operating cash flow over 4 quarters | 1.53× | 0.15× across 23 companies | 2026-06-30 |
| Liquidity runway ($5.5B cash and equivalents as tagged — short-term investments are not included — + $16.8B committed) ÷ $5.5B a quarter of capex and interest, as of 2026Q2 | 4 | — | 2026Q2 |
Does our ledger explain its balance sheet?
Across 6 of 6 quarter(s) its debt rose $27.1B and the notes we hold for those quarters total $10.0B — 37% explained.
the change in the filer's own borrowings over a fiscal quarter, against the principal of the tranches our ledger says were priced inside that quarter; this is not a reconciliation to the penny and is not meant to be; we do not track repayments, draws under facilities, commercial paper or currency translation.